### Table 9: Projected Sovereign Ratings by Country

| Country | Current | 2024 | 2029 | 2034 | 2039 | 2044 | 2049 | 2054 | P(safe 2050) |
|:--|--:|--:|--:|--:|--:|--:|--:|--:|--:|
| ARE | AA | 18.9 | 18.9 | 18.9 | 18.9 | 18.9 | 18.9 | 18.9 | 0.67 |
| AUS | AAA | 19.8 | 19.6 | 19.4 | 19.2 | 19.0 | 18.8 | 18.6 | 0.67 |
| AUT | AA+ | 19.4 | 19.3 | 19.1 | 19.0 | 18.9 | 18.7 | 18.6 | 0.62 |
| BEL | AA | 19.4 | 19.2 | 19.1 | 18.9 | 18.8 | 18.7 | 18.5 | 0.64 |
| CAN | AAA | 19.6 | 19.3 | 19.0 | 18.8 | 18.5 | 18.2 | 17.9 | 0.55 |
| CHE | AAA | 19.6 | 19.4 | 19.2 | 19.1 | 18.9 | 18.8 | 18.6 | 0.68 |
| CZE | AA | 19.3 | 18.9 | 18.6 | 18.2 | 17.9 | 17.5 | 17.2 | 0.42 |
| DEU | AAA | 19.0 | 18.8 | 18.7 | 18.5 | 18.4 | 18.2 | 18.1 | 0.54 |
| DNK | AAA | 19.3 | 19.1 | 18.8 | 18.6 | 18.3 | 18.1 | 17.8 | 0.51 |
| FIN | AA+ | 18.8 | 18.4 | 18.0 | 17.7 | 17.3 | 16.9 | 16.5 | 0.29 |
| FRA | AA | 19.1 | 18.8 | 18.5 | 18.2 | 18.0 | 17.7 | 17.4 | 0.47 |
| GBR | AA | 19.5 | 19.3 | 19.1 | 19.0 | 18.8 | 18.7 | 18.5 | 0.64 |
| HKG | AA+ | 19.3 | 19.0 | 18.6 | 18.2 | 17.9 | 17.5 | 17.2 | 0.41 |
| KOR | AA | 19.9 | 19.6 | 19.3 | 19.0 | 18.7 | 18.4 | 18.0 | 0.59 |
| KWT | AA | 18.8 | 18.9 | 19.0 | 19.0 | 19.1 | 19.1 | 19.2 | 0.70 |
| LUX | AAA | 20.0 | 20.0 | 19.9 | 19.9 | 19.9 | 19.9 | 19.9 | 0.84 |
| NLD | AAA | 19.4 | 19.1 | 18.9 | 18.6 | 18.3 | 18.1 | 17.8 | 0.50 |
| NOR | AAA | 19.7 | 19.5 | 19.3 | 19.2 | 19.0 | 18.8 | 18.7 | 0.66 |
| NZL | AA+ | 19.9 | 19.7 | 19.5 | 19.3 | 19.1 | 18.9 | 18.8 | 0.67 |
| QAT | AA | 18.8 | 18.9 | 18.9 | 18.9 | 18.9 | 18.9 | 18.9 | 0.69 |
| SGP | AAA | 20.2 | 20.4 | 20.2 | 20.0 | 19.8 | 19.6 | 19.4 | 0.79 |
| SWE | AAA | 19.3 | 19.1 | 18.9 | 18.7 | 18.6 | 18.4 | 18.2 | 0.55 |
| TWN | AA+ | 19.6 | 19.3 | 19.0 | 18.7 | 18.4 | 18.1 | 17.8 | 0.54 |
| USA | AA+ | 19.8 | 19.6 | 19.4 | 19.1 | 18.9 | 18.7 | 18.5 | 0.64 |

*Projected using OADR spline model with UN WPP medium-variant demographics. Rating on 21-point S&P scale. P(safe) = Monte Carlo probability of remaining AA- or above.*
